USD/CHF expected to see some recovery – Commerzbank

The pair could see some recovery between the 0.9660/0.9705 band, suggested Karen Jones, Head of FICC Technical Analysis at Commerzbank.

Key Quotes

“USD/CHF is bouncing off last week’s low at .9705. Between here and the 55 day ma at .9663 we would ideally like to see some signs of recovery. Directly above the market lies the 200 day ma at .9823, the 55 week ma at .9871 and the 50% retracement at .9885, this is tough resistance and we are alert to the idea that it will again hold the topside. A close above .9885 would really ignite upside interest and introduce scope to .9993 then 1.0150”.

“Failure at the 55 day ma (.9663) would target the .9553 30th June low and potentially the .94215 September low”.